Brazilian Banks Broaden Crypto Offerings As October Licensing Deadline Looms

Cryptocurrency is becoming increasingly accessible through Brazil’s mainstream financial sector as several of the country’s biggest banks add new digital-asset investment options for customers.

Banco do Brasil introduced direct Bitcoin and Ethereum purchases in January, expanding on the indirect exposure through funds and ETFs that it had offered since 2022. The state-controlled lender has since processed over R$11 million ($2.1 million) in transactions, according to the Brazilian newspaper Folha de S.Paulo. 

Itaú, Brazil's largest bank, now offers 15 digital assets through its investment app, including Bitcoin, Ethereum, and the USDC stablecoin. The Brazilian fintech Nubank has also expanded its selection to 28 assets and says more than seven million customers use its crypto platform.

The expanded product ranges follow substantial growth in Brazil’s crypto market. Data from the country’s federal tax authority show that reported transactions reached R$505.5 billion ($98.6 billion) in 2025, an increase of 22% from the previous year and 433% since 2020. Companies generated over 98% of the total transaction volume.

However, Brazilian banks do not appear to hold cryptoassets on their own balance sheets. Folha de S.Paulo reported that regulatory filings with a March 2026 reference date contained no balances or records of bank-owned virtual assets, even as institutions expanded their crypto services for customers.

Banks have expanded their services as Brazil brings crypto businesses inside its regulatory perimeter. Legislation passed in 2022 placed the sector under Central Bank supervision, while subsequent rules introduced licensing, capital, governance, and customer-asset requirements. Service providers that were already operating when the regime took effect must submit the first stage of their authorization applications by October 30, 2026.